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Sotheby's is auctioning eight NBA Top Shot NFTs, valued between $500 and $3,000 each, as part of its NBA memorabilia sale, with bidding open until January 21. This comes amid a modest resurgence in the NFT market, despite NBA Top Shot's significant decline from its peak sales of $226 million in February 2021 to under $2 million last month. Additionally, Dapper Labs has settled a class action lawsuit related to Top Shot NFTs for $4 million.
Justin Sun allegedly pressured CoinDesk's new owners, Bullish, to remove a critical article about his $6.2 million purchase and public consumption of a banana artwork by Maurizio Cattelan. The piece, which also highlighted Sun's legal troubles with the SEC, raised concerns among CoinDesk's journalists regarding editorial independence after its removal. Despite the article being taken down, a version remains available through Yahoo News, intensifying tensions between the editorial team and Bullish.
The Joachim-Ma Stradivarius, played by renowned violinist Joseph Joachim during the premiere of Brahms’ Violin Concerto in D Major, is set to be auctioned by Sotheby’s New York on February 7, with a valuation of $12 to $18 million. This sale could break the record for the most expensive musical instrument, currently held by the Lady Blunt Stradivarius at $15.9 million.
[Bloomberg](https://www.bloomberg.com) and [SEC]
New York's November auction week saw a resurgence of excitement in the art market, highlighted by a fierce bidding war at Christie’s for René Magritte’s L’empire des lumières, which sold for $121 million. The following night at Sotheby’s, Maurizio Cattelan’s Comedian, a banana duct-taped to a wall, fetched $6.2 million, captivating the audience.
Crypto investor Justin Sun purchased Maurizio Cattelan’s duct-taped banana artwork, titled “Comedian,” for $6.2 million at Sotheby’s, emphasizing its cultural significance bridging art, memes, and cryptocurrency. Sun plans to eat the banana as part of the artistic experience, highlighting the value derived from the accompanying certificate of authenticity rather than the banana itself, which will rot and need replacement. This sale reflects a resurgence in the art market, with over $1 billion worth of art auctioned in New York.
A banana duct-taped to a wall, titled "Comedian" by Maurizio Cattelan, has sold for $6.2 million at Sotheby’s in New York after intense bidding. The buyer, crypto entrepreneur Justin Sun, acquired the piece, which was expected to fetch between $1 million and $1.5 million, highlighting its cultural significance.
A painting by surrealist René Magritte has achieved a record sale price of $121.2 million at Christie’s in New York, marking the highest auction price for the artist. The painting was backed by a third-party guarantee of $95 million, ensuring its sale success. Previously, Magritte"s record was set at Sotheby’s in March 2022, with a smaller piece from the same series selling for approximately $79.5 million.
The 2024 Art Basel and UBS Survey reveals that high-net-worth collectors continue to invest in art despite economic challenges, with global imports of art and antiques rising 6% to $33 billion. Spending patterns show a decline in average expenditure, particularly among millennials, while interest in new and emerging artists is growing, with 52% of HNWIs' spending directed towards them. The share of works by female artists in collections has reached a seven-year high at 44%, reflecting a significant shift in collector preferences.
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